MakerDAO: Are New Whales and Latest Proposal Enough to Drive MKR?

MakerDAO has unveiled another proposal to ensure progress in debt ceilings and fees. Nevertheless, the new developments could not have triggered interest from retailers as MKR experienced price declines within the last few days. Also, whales have shown interest in the alternative token.

MakerDAO Makes Modifications

A recent tweet highlighted MakerDAO’s new proposal that showed the community seeking to reduce stability fees for the Curve stETH/ETH protocol. Users can use this protocol as collateral when borrowing $DAI.

Meanwhile, it has seen a demand reduction lately. Considering the reduced stability fees, the MKR community wants to heighten demand, improving stablecoin $DAI’s accessibility and being susceptible to adoption.

Unfortunately, the proposal launch & the community’s plans to enhance the protocol is yet to affect the token’s price. Nevertheless, Ethereum whales have enjoyed MKR despite the token’s plunging value.

WhaleStats tweet shows the leading 1000 Ethereum whales held $KR worth $49.4 million on October 2. The whale interest might shit MKR’s price direction in the coming times. Nevertheless, investors should consider various factors for a complete picture.

Remember, MakerDAO has seen massive surges in development activity within the last few days. That might indicate that MKR developers remained active, hinting at updates and upgrades in the future. MKR’s MVRV Ratio experienced consistent growth.

The metric maintained upsides on the charts within the previous week and flashed a positive 4.98% during this publication – a bullish signal. Nevertheless, the token’s velocity plummeted, showing the token’s exchange between wallets declined.

MKR has had multiple positive factors, suggesting lucrative days for the alt in the coming sessions. Nevertheless, the narrative could differ for the crypto’s stablecoin $DAI. Coinmarketcap data shows DAI’s volume declined by 11.18% within the past 24hr window.

Moreover, its market capitalization dominance declined by 1.92%. Predicting DAI and MKR’s future could be challenging due to their correlation and reliance on each other.

Thus, fans should evaluate other developments for improved decisions when investing in $DAI and $MKR. Also, investors should assess the overall market sentiment for profitable activities.

Stay tuned for the latest cryptocurrency news.

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